Make PFPs $RARE Again

  • Make PFPs $RARE Again

  • Preamble
    Author: brydeadhead
    Status: New
    Type: N/A
    Implementor: N/A
    Sponsor(s): N/A
    Link to Temp Check: Discord
    Create Date: Aug 2nd, 2022

  • Summary - Utilize SuperRare’s cryptoart expertise to convert NFT PFP investors to Cryptoart. Bring on the $RARE Utility. Convert PFP collectors to cryptoart collectors.

  • Abstract - PFP collectors from the '21 NFT bull market are stuck with JPGs in their wallets from projects with false roadmap promises. SuperRare is uniquely positioned to utilize our cryptoart expertise to provide value in the form of generated & vetted PFP Art in exchange for a) currently useless PFP NFTs b) $RARE tokens

  • Motivation - Popular NFT PFPs saw a meteoric rise in ‘21- and so too collections that promised value to collectors causing some to gamble into falsehood. SuperRare has established that cryptoart is the use case for NFT technology and can, in exchange for some $RARE, provide value to those lost at sea with 100s of broken NFT ships.

  • Specification - Upon SIP passing, the SR DAO’s first grant will be executed and paid out to the working team as long as success criteria of the project has been met.

    • Product Summary: Create a d’app to educate ‘21 PFP collectors on the cryptoart NFT use case by allowing them to burn their (useless) PFP NFTs & send $RARE tokens in exchange for a SuperRare generated and vetted 1/1 Cryptoart PFP. Current details are 100% up for discussion :slight_smile:
      • Generated Art Mechanics: Depending on the amount of $RARE sent (Max 500 $RARE, Min 100 $RARE) and the number of NFTs burned (Min 1, Max 10):
        • SuperRare’s dApp adjusts the number of properties the new NFT can have (e.g. Paint, Shapes)
        • Generated Cryptoart 1/1 PFP will be based off of the metadata properties and traits of the burned NFTs
      • Go to Market Approach:
        • Tiered go-to-market based on $RARE tokens held
        • Allow top SuperRare collectors to use the product first and share their generated PFPs
        • SuperRare social blasts & editorial article
      • Into the Future: After establishing a destination for folks to leverage their $RARE in exchange for generated Art, we will listen to community feedback and continue to build tools and experiences to help convert NFT PFP purchasers to cryptoart
    • Grant Proposal: Allocate 100,000 $RARE (open to discussion :slight_smile: ) as a grant to “hire” a team. Allocation: PM 15%, Designer 15%, Engineer(s) 70% split. 5% of royalties go to the working team treasury to continue product feature development. Team will provide weekly updates in a Discord channel and join Town Halls to give updates and demos. Payout granted upon completion of success criteria in the Outcomes section below. If the team does not complete success criteria, SR DAO covers the cost of systems (e.g. storage space, servers, etc) but not human product, design, engineering time.
    • Detailed Product Specs: Some high level ideas listed below but are a) up for discussion b) can change as the working team investigates.
      • Create an overview page that establishes SuperRare as the cryptoart destination across web3 and explains that the leaders in cryptoart are now providing value in the form of cryptoart for old NFTs
      • Explain the mint + burn = art process and mechanics-
        • Mint + Burn = Art Process
          1. Connect Wallet
          2. Select NFTs to Burn (safely)
          3. Ensure you’ve got $$RARE (link to get $RARE)
          4. Choose NFTs to Safely Burn
          5. Mint
          6. Receive artwork
        • Mechanics and Rules
          • Send $RARE (min 100, max 500 $RARE) and NFTs (min 1, max 10 NFTs) to receive a custom generated SuperRare vetted 1/1 PFP
            • The more $RARE you send and the more NFTs you burn, the better your custom generated 1/1 PFP
          • Limit: 3 per wallet
  • Benefits -

    • $RARE tokens back to the DAO treasury
    • Increase $RARE holder ‘utility’
    • Increase $RARE holders
    • Increase # of SuperRare and cryptoart collectors by educating and converting PFP collectors into cryptoart collectors
    • Potential for burnt NFTs to gain value over time (e.g. if a fallen NFT project gets picked up by marketing genius’s, revitalized by the community, etc)
    • SR DAO’s first grant to a working team
  • Drawbacks -

    • Creating our own art generator vs. leveraging an existing product on the market
    • Art quality not up to par with collector expectations
  • Outcomes - Success Criteria: 200,000 $RARE into the treasury, 2000 new SR cryptoart collectors by Nov 15 ‘22.

  • Open Questions

    • Art Generator: What would we use to generate art? Would we build something internal or partner with a service that already exists? If we leverage something that already exists then does that remove the SR stamp of approval?
      • Botto partnership?
    • Budget and success criteria to be reevaluated before this SIP is up for vote